US start-up technology company Ongo has announced $12m (around €8.9m) in investments from three separate publishers for its news sharing service.
The Washington Post, The New York Times Company and Gannett Company will all invest in the start-up and it is set to launch a consumer service that allows users to read and share news.
The company said it has “received a $12m initial round of financing from Gannett Company, Inc, The New York Times Company and The Washington Post Company,” said a statement.
“We are building Ongo to reflect the many ways consumers prefer to read, organise and share digital news,” Alex Kazim, Ongo Inc’s founder and CEO, said.
“We’re gratified three such influential media companies recognise the value of what Ongo is creating, and we look forward to opening our doors soon,” he added.
The California web-based media outlet said it will release the service by the end of the year.